I own a home in NC built in 2001. The house has 1400 sf and cost 139k, it was one of the first homes being built in a new subdivision. Over the next few years as the economy turned, the developer started stripping the homes and started selling houses with 2100 sf for the same price of about 140k. This action droped the neighborhood value per square foot from about $100/sf to about $66/sf. Consiquently, the value of my home has been reduced to about 90k due to the developers actions. It seems to me that my property valuse was defaced by the developer. Is there any legal action that i can take to recover the 50k loss in value that resulted from the developers actions?
1 Answer from Attorneys
Unfortunately, most likely no. The only way you would have a claim is if the restrictive covenants in your neighborhood prohibited the actions of the developer, which is unlikely. You can see a real estate attorney to get a 2nd opinion after reviewing your restrictive covenants.